The power of Bitcoin to make and lose fortunes in a very short time is unmatched in history. But could the biggest boom and bust be yet to come? Since January the value of Bitcoin has staged a remarkable recovery, and is now back trading at or even above the highs it reached in 2022. That is all the more remarkable given that its recovery coincided with the trial, and eventual conviction and imprisonment of Sam Bankman-Fried who, following the collapse of his cryptocurrency exchange FTX, is now reported to be on a new venture: trading grains of rice with his fellow inmates at the Brooklyn Metropolitan Detention Center. For his customers, Bitcoin turned into the scam many of the cryptocurrency’s critics feared it would be. So how come anyone wants to buy it now?
The easier it becomes to buy Bitcoin, the greater potential for financial disaster
The answer, it seems, is something called the Grayscale Bitcoin Trust, an exchange-traded fund which has made it much simpler for retail investors to hold Bitcoin – or hold it by proxy. Grayscale
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